Memecoin Ponke Surges 20% After Binance Announces Listing

Ponke surged 20% a few minutes after the leading crypto exchange by trading volume, Binance, announced it would list the Solana-based meme coin for perpetual trading.

Binance announced in a blog update on November 4 that it will add futures support for the meme coin the same day. Per the update, PONKE will be available on Binance by 12:30 AM (UTC).

Following the impending launch, traders could speculate on the PONKE price with up to 75x leverage. The leading exchange announced the meme coin will only be available for trading on Tether’s USDT stablecoin.

PONKE Surge 20%

After Binance announced its launch, PONKE surged over 20%, hitting a high of $0.5455 before relinquishing some of the gains to the market. Notably, the meme coin was rejected by resistance in the price zone, where it faced similar opposition three days earlier.

Data from CoinMarketCap show that the listing spurred an 185% surge in PONKE’s 24-hour trading volume. The meme coin’s market cap also appreciated to its all-time high of $299.5 million before the press time valuation of $283.45 million.

PONKE trades at $0.5052 at the time of writing, 28.83% from its all-time high of $0.7098, which it attained in July. The Solana-based meme coin occupies the 17th slot in the top meme coin market cap but sits at 159 in the global crypto ranking by valuation.

It bears mentioning that Ponke is the latest meme coin to attract Binance. The leading crypto exchange recently listed MOODENG and POPCAT for futures trading, sparking a 130% and 34% uptick in asset prices, respectively.

DEX Launch a Catalyst?

Notably, Ponke’s Binance announcement came a few days after the project notified its community it was launching a decentralized exchange. Termed the PonkeSwap, the DEX allows users to trade Solana-based tokens seamlessly.

The exchange also provides staking and earning programs, allowing users to lock up their PONKE tokens and receive a share of fees generated on the decentralized protocol. The platform also has a Club Ponke feature, which connects the token holders to interact and decide on the project’s future moves.